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1.Economics/Math Practice-Use the following demand schedule to draw a demand curve. Then find and label a combination of output and price that could result from: (a) an increase in the quantity demanded, (b) an increase in demand, and (c) a decrease in demand.Price Quantity Demanded$1.00 250$2.00 200$3.00 150$4.00 100$5.00 50
2. calculate the exact elasticity of demand in the following examples: Then tell if, in each case, demand is elastic, inelastic, or unitary elastic. (a) When the price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers falls from 60 to 48. (b) A dentist with 80 patients cuts his fee for a cleaning from $60.00 to $54.00 and attracts two new patients.
FORMULA: Elastic DemandIf demand is elastic, a small change in price leads to a relatively large change in the quantity demanded. Follow this demand curve from left to right.$ 4 - $3 x 100 = 25$410 - 20 x 100 = 10010100% = 4.025%The price decreases from $4 to $3, a decrease of 25 percent.Elasticity of demand is equal to 4.0. Elasticity is greater than 1, so demand is elastic. In this example, a small decrease in price cause a large increase in the quantity demanded.
The average family in country A spends 60 percent of their disposable income on residence. The average family in country B spends 25 percent of their disposable income on residence. The average monthly salary in country A is $2,500 and in country ..
Two firms control the entire market for gasoline. They both have identical marginal costs of $1/gallon. The inverse demand for a gallon of gasoline is given by P(G)=10-1.5G. If they decide to collude and split the profits equally, what will each firm..
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
Joe Sabia, an assistant professor of public policy at American University in Washington, D.C., says that a 10 percent increase in minimum wage reduces retail employment by 1 percent and reduces employment among young workers by 3.4 percent.
From the Keynesians, Y = C I G NX can be transformed into a theoretical model. In particular, assume that the consumption C = A mpc (Y-T), where A is a constant, mpc is the marginal propensity to consume, Y is national income and T is income taxes..
The cost of extending a certain road is $850,000. Resurfacing and other maintenance are expected to cost $175,000 every 3 years and lasts for 96 years. What is the present worth of the road at an interest rate of 6% per year (over that period)
Vincent van Gogh can produce paintings at constant marginal cost cV V G = 1. The population of buyers of VVG paintings is grouped into two categories: Serious Art Collectors (SAC) and Casual Art Collectors (CAC). The SAC to CAC population ratio is..
Use a Keynesian 45-degree diagram to show the effect of an increase in government spending and how could a reduction in tax rates increase government's tax receipts?
A firm sells its product in a perfectly competitive market where other firm charges a price of $40 per unit. The firm's total costs are C(Q) = 40 + 8Q + 2Q2. a. How much should the firm produce in the short run b. What price should the firm charge i..
Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally con¬tracts to buy Smith's house for $100,000, with the closing (transfer of the deed) to take place on J..
Newton exports all their products outside the city and Garfield only sells their products within the city. Newton experiences growth, so it hires 100 more workers, all of whom come to reside in city A.
The MSU firm has the production function: q = f(L,K) = 4 L^(1/2) K^(1/2) The market has many firms identical to the MSU firm. The price of capital is r = 4 and the price of labor is w = 1 A. On the graph below: Draw the isoquant for q = 24, and th..
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